Business

Garment and textile exports rise by 30pc

The textile and garment sector export turnover recorded a year-on-year increase of 30 percent to 6.16 billion USD in the first half of the year, despite significant impacts from world economic fluctuations, the Vietnam National Textile and Garment Group (Vinatex) said.
The textile and garment sector export turnover recorded a year-on-yearincrease of 30 percent to 6.16 billion USD in the first half of theyear, despite significant impacts from world economic fluctuations,the Vietnam National Textile and Garment Group (Vinatex) said.

At an online press briefing held in Hanoi, the central coastal DaNang city and Ho Chi Minh City on June 24, Vinatex General Director TranQuang Nghi said this was the highest growth for the sector in the firstmonths of the past four years, with export revenues to the EuropeanUnion (EU) up by 40 percent, the US, around 20 percent and Japan, fivepercent.

The country’s garment and textile export revenues were likely to hit the target of 13 billion USD this year, he said.

To reach the target, Nghi suggested boosting production of materials to achieve 60 percent of the local production rate.

Experts predicted that the US would become a market with largerprospects for Vietnam’s garment and textile sector as the Trans-PacificPartnership (TPP) talks were being negotiated. At present, Vietnam wasthe second-largest garment and textile exporter to the US but only madeup 8 percent of total market share./.
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